Author: lbostgadmin
Sri Lanka stocks plunge 2.3-pct
Nov 15, 2011 (LBO) – Sri Lanka stocks plunged 2.3 percent Tuesday to a 14-month low despite strong quarterly earnings amid low liquidity and an expropriation law casting a pall over sentiment, brokers said. Market participants were clearing margin accounts. “Punters are ignoring earnings,” an analyst said. “Of course they also ignored earnings when fundamentally […]
Gas Strike
Nov 14, 2011 (LBO) – Cairn Lanka, a unit of India’s Cairn Energy, has made a second gas strike off the northwestern coast of Sri Lanka. On October 04, Cairn Lanka had begun work on CLPL-Barracuda-1G/1, a second well. The presidents office said in a statement that the state petroleum exploration office has been informed […]
Freedom Debate
Nov 14, 2011 (LBO) – Sri Lanka’s Supreme Court came under fire in parliament on a debate on an expropriation bill, after the highest court reportedly said it was consistent with the constitution. The bill went to the Supreme Court after the cabinet of ministers gave their assent. “How can the Supreme Court, like this […]
‘s Galadari Hotel returns to losses
Nov 14, 2011 (LBO) – Galadari Hotels, a firm which owns and operates a five star hotel in Sri Lanka’s capital Colombo lost 45 million rupees in the September 2011 quarter, from a profit of 78 million a year earlier, interim accounts showed. The firm reported losses of 25 cents a share for the quarter. […]
Higher Profits
Nov 14, 2011 (LBO) – Net profits of Sri Lanka’s Commercial Bank of Ceylon rose 45 percent to 2. 06 billion rupees in the September 2011 quarter helped by lower tax rates and provision reversals, interim accounts showed. The group reported earnings of 2. 57 rupees per share for the quarter. For the nine months […]
Port Deal
Nov 14, 2011 (LBO) – Agreements to start building the first container terminal by Aitken Spence and China Merchants Holding (International) in a new deep water port being built next to Sri Lanka’s Colombo port were signed last week. Construction work of the South Container Terminal will start on December 01, 2011 and first 600 […]
Express Travel
Nov 14, 2011 (LBO) – Sri Lanka will permit public transport to operate on the island’s first expressway after buses with safety features are imported, deputy highways minister Nirmala Kothelawala said. “We will allow buses to travel on the road after four or five months,” minister Kothelawala told reporters. “But buses with belts in all […]
Express Path
Nov 14, 2011 (LBO) – Sri Lanka’s first 96 kilometre expressway from the capital Colombo to Galle in the south of the island to be opened in November 27, cost 77 billion rupees to build, officials said. The road is part of a 126-kilometer expressway running to Matara at the Southern tip of the island […]
Team Effort
Nov 14, 2011 (LBO) – Co-operation among countries with interests in the Indian Ocean is essential to effectively fight Somali piracy against merchant ships which could threaten trade if unchecked, a Sri Lanka defence official said. “It is our belief that the lasting solution to threats of this nature cannot be undertaken by individual nations […]
Sri Lanka stocks end down 1.5-pct
Nov 14, 2011 (LBO) – Sri Lankan shares tumbled Monday with a rating agency warning a new expropriation law could hurt the investment climate and a listed hotel saying all its shares were now owned by the state. The main All Share Price Index fell 1.47 percent (92.95 points) to 6,239.52, while the more liquid […]
‘s
Nov 14, 2011 (LBO) – A law to expropriate assets of dozens of private firms including two listed companies could hurt the island’s credit, cloud its investment climate and has created uncertainty about property rights and policy, Moody’s a rating agency said. “Despite authorities’ statement that this is a one-off move and that further expropriation […]
Sri Lankan nationalisation law criticised
November 13, 2011 (AFP) – Sri Lanka’s new law to nationalise “under utilised” private firms could shatter investor confidence and push the country into authoritarian rule, the opposition and press said Sunday. The bill was signed into law on Friday by parliamentary Speaker Chamal Rajapakse, the eldest brother of President Mahinda Rajapakse. The president, who […]